It was a mixed session for small-cap oil and gas names, with operational setbacks at one North Sea and Asia-Pacific producer contrasting against a renewed drilling push from an Irish-Moroccan explorer. Jadestone Energy took the heaviest hit as it trimmed production expectations, while Predator Oil & Gas moved forward with plans to drill its MOU-6 well in Morocco.
Jadestone cuts 2026 guidance on Stag, CWLH delays
Jadestone Energy (LSE:JSE) lowered its full-year production guidance to 16,000-18,000 boepd, citing cyclone damage at its Stag asset and a delayed restart at the CWLH field. The setbacks offset otherwise strong drilling results in Malaysia, but were enough to overshadow the operational progress elsewhere in the portfolio. Shares in Jadestone fell 5.556% to 29.75p as the market digested the guidance cut.
Predator Oil & Gas amends rig deal to drill MOU-6
Predator Oil & Gas Holdings (LSE:PRD) has amended its rig contract to proceed with drilling the MOU-6 well, with chief executive Paul Griffiths saying the company's well planning and pre-drill operational programmes are now compatible with subsurface conditions defined during its initial 2021-2023 drilling campaign. The update lifted the shares 3.333% to 3.1p as the company positions itself for renewed drilling activity.
